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Nomura economists George Buckley and Chiara Zangarelli wrote in their latest client note, the Bank of England (BOE) will make an emergency cut to its main interest rate this week, following the US Federal Reserve’s surprise rate cut by 50 bps to cushion the blow of the coronavirus crisis on the economy.

They said: “We have, therefore, adjusted our view to … an emergency 25bp rate cut this week allowing the Bank time to formulate a plan for more targeted easing at the end of the month.”

  • GBP/USD backs off from highs due to higher market volatility, Fed emergency cut